Europa Oil & Gas (Holdings) PLC Wressle Update (1652N)
May 30 2022 - 2:01AM
UK Regulatory
TIDMEOG
RNS Number : 1652N
Europa Oil & Gas (Holdings) PLC
30 May 2022
Europa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG /
Sector: Oil & Gas
30(th) May 2022
Europa Oil & Gas (Holdings) plc
("Europa" or "the Company")
Wressle Update
Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland
and Morocco focused oil and gas exploration, development, and
production company, notes the update by Operator Egdon Resources
U.K. Limited ("Egdon") which announces that the North Sea
Transition Authority ("NSTA") has approved the Field Development
Plan for the Wressle oilfield in North Lincolnshire, held under
licences PEDL180 and PEDL182 (the "Licences"), where Europa holds a
30% interest.
The NSTA has also approved the Licences entering their
production phase, which will continue through to 2039.
Simon Oddie, CEO, said :
"The NSTA's approval of the Field Development Plan ensures the
Wressle project remains on track to transition from an extended
well test to production. Wressle continues to exceed our
expectations, generating high levels of production and revenues,
with the Wressle-1 well currently amongst the most productive in
the onshore UK, producing over 170,000 barrels of oil to date.
Our next steps involve advancing the development plan and
consenting process to enable production from the Penistone Flags
reservoir where gross Mid-case Contingent Resources of 1.53 million
barrels of oil and 2 billion cubic feet of gas have been
independently reported, in addition to progressing gas monetisation
and continuing to optimise oil and gas production from the Ashover
Grit reservoir.
Leveraging the knowhow and experience of our technical team, we
are committed to capitalising on the significant opportunities that
exist at the field, alongside our joint venture partners Egdon and
Union Jack Oil."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
* * ENDS * *
For further information please visit www.europaoil.com or
contact:
Simon Oddie Europa mail@europaoil.com
Murray Johnson Europa mail@europaoil.com
+ 44 (0) 20 7220
Christopher Raggett finnCap Ltd 0500
+ 44 (0) 20 7220
Simon Hicks finnCap Ltd 0500
+44 (0) 20 7186
Peter Krens Tennyson Securities 9033
+ 44 (0) 20 7390
Patrick d'Ancona Vigo Consulting 0230
+ 44 (0) 20 7390
Finlay Thomson Vigo Consulting 0230
+ 44 (0) 20 7390
Kendall Hill Vigo Consulting 0230
Notes to Editors
Europa Oil & Gas (Holdings) plc has a diversified portfolio
of multi-stage hydrocarbon assets which includes production,
development and exploration interests, in countries that are
politically stable, have transparent licensing processes, and offer
attractive terms. Production in the half-year to 31st January 2022
was 208 boepd. The Company holds two exploration licences offshore
Ireland, which have the potential to host gross mean un-risked
prospective resources of 1.5 trillion cubic feet ('tcf') gas.
Inishkea is a near field gas prospect in the Slyne Basin which the
Company classifies as lower risk due to its close proximity to the
producing Corrib gas field and associated gas processing
infrastructure. In September 2019, Europa was awarded a 75%
interest in the Inezgane permit offshore Morocco. Initial results
of technical work have identified 30 prospects and leads that have
the potential to hold in excess of one billion barrels of unrisked
oil resources. In December 2021, Europa announced a collaboration
between Baker Hughes and CausewayGT to conduct a geothermal clean
heat project at the Company's West Firsby field. If this project is
successful it will prove the operational ability to extract and use
geothermal heat from the site.
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